(70 ILCS 410/15.2) (from Ch. 96 1/2, par. 7118)
Sec. 15.2.
Any district has the power from time to time to construct, equip,
extend, improve, maintain, and operate recreational facilities, including
but not limited to sand beaches, swimming pools, lodges, housekeeping and
sleeping cabins, golf courses, toboggan slides and ski areas, campgrounds,
marinas or any combination thereof, and all necessary related facilities,
to borrow money therefor, and as evidence thereof, to issue and sell bonds.
Such bonds shall be payable solely from the revenue derived from the
operation of such facility or facilities constructed, equipped, acquired,
extended, or improved in whole or in part with the proceeds of such bonds
issued for the construction, equipping, extension or improvement of such
facility or facilities and shall be secured by a pledge of the revenues as
herein provided of such facility or facilities or any combination thereof
so constructed, equipped, extended or improved.
Such bonds may be issued in such amounts as may be necessary to provide
sufficient funds to pay all the cost of the construction, equipping,
extension or improvement of such facility or facilities or any combination
thereof, as well as the engineering, legal, fiscal and other expenses,
together with interest on the bonds to a date 12 months subsequent to the
estimated date of completion. All bonds issued hereunder shall have all
qualities of negotiable instruments under the laws of this State.
(Source: P.A. 77-1330.)
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